Timekeeping really should be simple and affordable. For many smaller businesses, however, this isn't always the case. It may start that way, but as employees are added and the business grows, the manual methods of recording, tracking, and reporting can become overwhelming. The answer for many of these businesses often involves investing in time clock software.
Your payroll process is one of the most vital processes in your business. It is also one that is most fraught with compliance, accuracy, and cost concerns.
It has been seven weeks since the enactment of a number of new California labor laws, including the new Paid Sick Leave law (AB 1522).
Whether you are a new business just starting out, or looking to improve your current small business payroll process, there are a variety of options to consider. In addition, there are also a variety of tools and resources available to help you in designing - or re-designing - your payroll process.
Every business can benefit from an improved payroll management process. But knowing exactly what to change or implement can often be challenging. Just making random changes or simply installing new software is not the answer.
One of the ongoing challenges of any business is keeping track of the time employees work. Proper record-keeping requires much more than simply writing down how many hours your employees work each day. In addition to tracking hours worked each day, a business must also record sick time and overtime, nighttime differentials, commissions, and so on.
Employee classification is a potentially risky prospect. Incorrectly classifying employees as independent contractors can be incredibly costly for employers. An article from Forbes.com last year stated, "This fundamental worker status issue has become one of the most consequential legal determinations around. If you’re in business and guess wrong, the liability for past years can be crushing."
If yours is like most businesses, you are looking for ways to “go green", cut costs, and maintain the security of your company's data. One way of accomplishing this is with a paperless payroll process.
It seems that each new year brings additional tasks and an increase in compliance and regulatory requirements into the payroll process. It is an increasing challenge to manage payroll efficiently and effectively, and the consequences of failing to do so can be devastating for a smaller business.